Wheat also fell with other commodities on bad news from Europe. Bailout for Greece was postponed as Greek leaders rejected additional budget cuts that other members of the European Union demanded. Most traders were unprepared for such turn of events as it has looked almost certain that Greece would receive aid.

Wheat fell from $6.4575 to $6.2925 per bushel as of 20:40 GMT today on CBoT.
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The Grain Industry Association of Western Australia predicted that output from Western Australia may double to 9.24 million metric tons, above the 9.12 million tons estimated last month. Rainy weather in Argentina may help accelerate planting. Oil World forecast that Argentine farmers will increase sowing 6.8 percent to 4.87 million hectares (12 million acres).

Growing production in the Southern Hemisphere added to increasing supply from Russia and Ukraine. As a result, demand for the US wheat shrank. US exports are expected to drop to 26.54 million tons in the 2011–12 season from 35.1 million tons a year ago, according to the Department of Agriculture.

Wheat spot price was near its opening level of $6.1625 per bushel as of 8:09 GMT on CBoT.
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Sugar was down on the signs of advancing output from Ukraine. Ukraine’s harvest of sugar beet was almost 29 percent larger than in the previous year as of November 1, according to the government report. The US Department of Agriculture estimated that Ukraine’s sugar exports will double in the 2011–12 season.

The USDA projections for soybeans, on the other hand, were more pessimistic. The USDA predicted that production in the USA will decline 8.5 percent to 82.9 million metric tons this year. The reason for the declining output is dry weather in parts of the United States.

March futures for delivery of raw sugar declined 1.6 percent to $0.2499 per pound by 8:21 on ICE. The weekly decline was 2.3 percent, while prices were down 22 percent over this year. Futures for delivery of soybeans in January advanced 0.7 percent to $11.755 per bushel as of 13:15 on CBoT.
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The forecasts of good weather drove soybeans down. Dry weather in Brazil and rains in Argentina should boost harvest. The problems of Europe and the resulting worries also weighted down the oilseed. Soybean prices retreated from $12.2525 to $12.2350 per bushel today on CBoT.

The European crisis also caused the drop of rubber to the lowest level in 14 months. The leaders of European nations will discuss the situation in Europe at the summit this weekend. Some economists argue that the bailout fund will be boosted. Yet others speculate that the politicians won’t be able to reach an agreement and such speculation weight the commodity down. January future fo delivery of rubber slumped as much as 4.4 percent to 25,445 yuan ($3,985) per ton in Shanghai.
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The US Department of Agriculture estimated yield in Minnesota, the biggest beet growing state of America, will be 19 percent down from the previous year. Four more of the 10 biggest producing states may also have reduced output. The USDA forecast the US inventories of sugar will shrink more than 35 percent in the year through August 2012.

Retail prices for the sweetener have risen 9 percent since the beginning of this year. The rising prices caused the government to increase import quotas by 45 percent in 2011.

Spot price for sugar rose from 24.75 to 25.25 today as of 18:56 on ICE. Earlier settlement reached the daily maximum of 25.69.
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Wheat posted today the biggest gain in a weeks as the dollar weakened and on the forecast that supply from Europe will decrease. Droughts in spring already reduced expected yield in Europe and now heavy rains can harm quality of the grain. September futures for delivery of wheat gained $0.0725 (1 percent) to $7.0075 per bushel by 10:33 on CBoT.

Copper fell today after the report showed an unexpected decline of existing home sales in the US, the biggest consumer of the metal in the world. US existing home sales decreased from 4.81 million to 4.77 million in June. September futures for delivery of copper slipped $0.032 (0.7 percent) to $4.436 per pound as of 13:22 on COMEX.
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Wheat fell today on forecast that rains will slow harvest in the US. Parts of Nebraska may receive as much as 4 inches of precipitation in the next two days, according to Joel Widenor, the director of agricultural services at the Commodity Weather Group LLC. Some areas of Kansas, the biggest winter-wheat growing state in the US, may get 1.5 inches of rain. The slowdown likely won’t have serious impact on the harvest as the US Department of Agriculture reported that 44 percent of the winter crop was already harvested as of June 26, compared the five-year average of 37 percent. September futures for delivery wheat gained $0.2325 (3.8 percent) to $6.355 per bushel by 13:15 on CBoT.
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Expectations of bad weather and increasing demand in Brazil spurred sugar. Frosts may damage crops as El Nina weather pattern weakened. Brazil increased usage of sugar in ethanol production. July contract for raw sugar delivery advanced as much as $0.0027 (1.1 percent) to $0.238 by 14:00 on ICE.
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Corn jumped to the highest level since 2008 and wheat headed for the biggest weekly gain this year today on concerns that adverse weather in the US may hurt harvest. Some parts of the US have cool wet weather and even snow that can slow planting of corn. Yet other regions have drought that is bad for wheat. May contract for corn delivery rose $0.0625 (0.8 percent) to $7.6925 per bushel by 12:51 on CBoT after touching $7.7325, the highest price since July 3, 2008. July delivery for wheat advanced $0.0375 (0.5 percent) to $8.22 per bushel. The grain rose 8.2 percent so far this week.
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Cotton jumped by the exchange limit on ICE on the speculation that rains will curb supplies from Australia. The wet weather may slow the harvest that starts this month. Prices have more than doubled in the past year as the global demand rises while the supply declines. May delivery for cotton surged by the limit of $0.07 (3.5 percent) to $2.0596 per pound as of 14:39 on ICE.
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Copper fell on the concern that the surging oil prices will slow the global economic recovery, diminishing demand for the industrial metal. Oil continues its rally on the tensions in Libya. May futures for copper delivery fell $0.0115 (0.3 percent) to $4.498 per pound by 13:22 on COMEX.

Cotton jumped on the speculation that supply will trail demand. The Chinese imports surged 31 percent January from a year ago, following the jump by 86 percent in the previous year, while the output in the country fell by 6.3 percent in 2010. May delivery for cotton gained by the exchange limit of $0.07 (3.6 percent) to $2.006 as of 14:55 on ICE.
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Another commodity posting a second day of records today was corn as demand grew, putting strain on inventories. US export sales advanced 51 percent in the week ended February compared to the previous four weeks, according to the USDA report. The US stockpiles of corn will be equal to about 18 days of consumption before the next harvest, near the record low of 1996. March futures for corn delivery gained $0.005 (0.1 percent) to $6.985 per bushel by 13:15 on CBoT, reaching $7.045 earlier, the highest price for the most-active contract since July 2008.
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